Huntsman is set to formally announce Tuesday morning that he's seeking the Republican Party nomination.

In excerpts of his announcement speech released by his campaign, Huntsman says he respects President Barack Obama, but says he and the president have "a difference of opinion on how to help the country we both love."

Huntsman, who was Obama's ambassador to China until April, says the United States is slipping behind. He says the next president needs to make hard decisions to avert disaster. Huntsman will speak at Liberty State Park in New Jersey, where Ronald Reagan announced his presidential candidacy in 1980.